Dividend Declaration

To: Company Announcements Date: 4 November 2014 Company: Standard Life Investments Property Income Trust Limited Subject: Dividend Declaration Interim Dividend The Directors of Standard Life Investments Property Income Trust Limited(the"Directors") have declared that an interim dividend be payable in respect ofthe quarter ended 30September 2014as follows; Ex-Dividend Date - 13 November2014 Record Date - 14 November 2014 Payment Date - 28 November 2014 Dividend per Share - 1.161p All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt PeterPortGuernseyGY1 3QL Claire CookeTel: 01481 745417Fax: 01481 745051